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UAE Warns US It Could Sell Oil in Chinese Yuan if War Drains Dollar Supplies, Triggering Biggest Threat to the Petrodollar Since the 1970s (defencesecurityasia.com)

submitted 1 month ago by cm0002@libretechni.ca to c/world@quokk.au

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[–] leoj@piefed.social 1 points 1 month ago* (last edited 1 month ago)

I'm not quite sure how, but believe it is do to ignorance not argument - is the logic that the petrodollar going away will reduce the value of USD...? Not sure how this helps the bottom 80% and legitimately curious.

My understanding is that reduction in value is usually alongside a reduction in purchasing power, which seems like a net negative regardless of your asset class.

Considering how inflation has erroded the purchasing power of USD in the United States, I cannot imagine further reduction would be helpful to people living paycheck to paycheck, especially when you consider minimum wage is still stuck at $07.25/hour, which is ridiculously low.